Businesses often charge VAT on properties they rent out but forget to tell the VATman that they’ve opted to tax. How difficult is it to make a belated notification to undo the damage?
Published 05.06.2014
It’s not uncommon for a business to acquire a property and start charging VAT on the rents but to forget to tell HMRC that it’s opted to tax the property. What do you need to do to make a belated
notification?
Published 03.11.2015
As a property owner/investor you’ve heard a great deal about the so-called option to tax. If you do opt to tax a property it can have a significant effect on your VAT position. What does an option
cover and how long does it last?
Published 04.12.2013
Opting to tax a commercial property is a good idea as it enables recovery of purchase, renovation, etc. VAT. But renting it to an associated business can cause problems if it can’t recover all of its
VAT. What’s to know?
Published 05.04.2016
If you own commercial property and want to claim the VAT back, you’ll need to “opt to tax” it. But what does this really mean? How should you go about it and what does it cover?
Published 04.04.2012
You own a commercial property that you let to an unconnected business. This has an option to tax in place. You would like to transfer 50% of this to your spouse for income tax planning purposes. What
VAT challenges does this create?
Published 07.07.2020
You own a commercial property and have opted to tax it. When you come to sell, the purchaser says your option is disapplied and you have to pay the VAT back on the purchase price. What’s going on?
Published 05.09.2011
Property businesses receive many different payments, some are taxable, some exempt and some outside the scope altogether. So what’s what as far as the VATman is concerned?
Published 05.03.2012
You may decide to opt to tax a commercial property so that you can recover the VAT on your costs. However, there are certain circumstances in which the option can be “disapplied” and you can’t
reclaim the VAT. What are they?
Published 29.05.2012
Opting to tax a property can have far reaching results so you need to be sure that you choose the right method in order to get the best results. So what are the pitfalls and the alternatives?
Published 06.02.2013